Your Estate Plan's Quarterback
How to Choose a Personal Representative
Your estate plan is the combination of documents that determine how your assets will be managed and distributed. When you create this plan, one of the most helpful things you can do for your family and beneficiaries is to spell out in detail how you want your estate to be handled.
A critical part of that process is naming an executor, known as a personal representative in many states. The representative holds an important job, serving as the quarterback of the estate settlement process. It is essential to entrust the right person to oversee the execution of the terms outlined in your will.
The Basics of a Personal Representative
If being a personal representative of a will seems like a big responsibility, that’s because it is. When it comes time to choose that person, you should pick someone responsible, organized and trustworthy. Common choices for an executor are a spouse, an adult child, a sibling or a close friend.
Your personal representative undertakes many important responsibilities, including:
- Notifying all interested parties and agencies of your death.
- Paying creditors and outstanding taxes.
- Distributing your assets according to your will.
The Best Person for the Job
When selecting a personal representative, the most important consideration is whether the person can handle the various responsibilities of administering your estate. Many people select an executor based on their relationship to the person. This can quickly become disastrous when that person discovers that he or she is not suitable for the work.
If you don’t have a friend or relative you trust to complete these duties in a satisfactory manner, don’t worry. You could name a bank or trust company to handle these matters, for a fee. Many banks have experience administering estates, particularly larger ones.
Importantly, be sure to ask your selected representative before you name them as your executor. Ensure that they agree they’re up to the task.
Make an Impact Through Your Plan
Contact Shelly Calabrese, Director of Leadership Gifts at (518) 244-2442 or Susan Warshany, Director of Gift Planning at email@example.com or (518) 244-4776 to discuss ways to extend your support for The Sage Colleges through your estate plan.
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance. A copy of our most recently filed financial report is available from the Charities Registry on the New York State Attorney General’s website (www.charitiesnys.com) or, upon request, by contacting the New York State Attorney General, Charities Bureau, 28 Liberty Street, New York, NY 10005, or us at 65 1st Street, Troy, NY 12180. You also may obtain information on charitable organizations from the New York State Office of the Attorney General at www.charitiesnys.com or (212) 416-8401.